Sunland Company had the following Shareholders' Equity section as of February 1, 2024: Share capital: Preferred shares, 33,000 issued and outstanding Class A common shares, 1,470,000 issued and outstanding Class B common shares, 41,000 issued and outstanding Retained earnings Total shareholders' equity On February 16, 2024, Sunland reacquired and cancelled 5,200 Class A common shares at a cost of $3.50 per share. On April 10, Sunland issued 7,600 Class A common shares for $6.00 each. On May 31, the company reacquired and cancelled another 2,700 Class A common shares at $5.00 per share. ite Prepare the journal entries required to record these transactions. (Round per share calculations to 2 decimal places, e.g. 12.25 and final answers to 0 decimal places, e.g. 5,725. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation 2024 $990,000 5,880,000 779,000 8,400,000 1024 $16,049,000 2024 Debit Credit
Sunland Company had the following Shareholders' Equity section as of February 1, 2024: Share capital: Preferred shares, 33,000 issued and outstanding Class A common shares, 1,470,000 issued and outstanding Class B common shares, 41,000 issued and outstanding Retained earnings Total shareholders' equity On February 16, 2024, Sunland reacquired and cancelled 5,200 Class A common shares at a cost of $3.50 per share. On April 10, Sunland issued 7,600 Class A common shares for $6.00 each. On May 31, the company reacquired and cancelled another 2,700 Class A common shares at $5.00 per share. ite Prepare the journal entries required to record these transactions. (Round per share calculations to 2 decimal places, e.g. 12.25 and final answers to 0 decimal places, e.g. 5,725. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation 2024 $990,000 5,880,000 779,000 8,400,000 1024 $16,049,000 2024 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sunland Company had the following Shareholders' Equity section as of February 1, 2024:
Share capital:
Preferred shares, 33,000 issued and outstanding
Class A common shares, 1,470,000 issued and outstanding
Class B common shares, 41,000 issued and outstanding
Retained earnings
Total shareholders' equity
On February 16, 2024, Sunland reacquired and cancelled 5,200 Class A common shares at a cost of $3.50 per share. On
April 10, Sunland issued 7,600 Class A common shares for $6.00 each. On May 31, the company reacquired and
cancelled another 2,700 Class A common shares at $5.00 per share.
ite
Prepare the journal entries required to record these transactions. (Round per share calculations to 2 decimal
places, e.g. 12.25 and final answers to 0 decimal places, e.g. 5,725. List all debit entries before
credit entries. Credit account titles are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the
amounts. Record journal entries in the order presented in the problem.)
2024
1024
$990,000
5,880,000
779,000
8,400,000
2024
$16,049,000
Account Titles and Explanation
Debit
Credit
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